A member of
Eurex Clearing
1. Introduction
This circular contains information with respect to the service offering of Eurex Clearing AG (Eurex Clearing) and introduces amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions), the Price List to the Agreement on Technical Connection to the Clearing EDP of Eurex Clearing AG (Price List to the Connection Agreement), and the General Terms and Conditions to the Agreement on Technical Connection to the Clearing EDP of Eurex Clearing AG (GTC to the Connection Agreement).
The purpose of the changes is:
A. Introduction of additional Authorized Manager roles
B. Amendments to the structure of the Clearing Conditions regarding the General ISA Direct Provisions
The amendments will become effective as of 24 July 2023.
2. Required action
There is no required action.
3. Details
A. Introduction of additional Authorized Manager roles
As of 24 July 2023, Authorized Managers can be set up as “Authorized Manager with System Access” if the Clearing Member has transferred the Post-Trade Management to such Authorized Manager, or as “Basic Authorized Manager” if the Clearing Member has not transferred Post-Trade Management to such Authorized Manager. With the introduction of these roles, Disclosed Clients and Authorized Managers representing such clients can be more accurately distinguished in the systems of Eurex Clearing.
The access possibilities to the Clearing EDP of Eurex Clearing as described in the GTC to the Connection Agreement and the associated connectivity fees as described in the Price List to the Connection Agreement shall be the same for Authorized Managers with System Access as for Disclosed Clients with System Access today.
Authorized Managers currently set up as Disclosed Clients will be migrated to the new roles following the amendments as outlined in this circular and a separate communication via Eurex Clearing Newsflashes. This migration will not result in any operational impact to Clearing Members, Disclosed Clients or Authorized Managers.
B. Amendments to the structure of the Clearing Conditions regarding the General ISA Direct Provisions
Provisions regarding Relevant Fund or Relevant Fund Segments as ISA Direct Clearing Member will be moved from the General Provisions to the thematically related General ISA Direct Provisions.
To reflect the changes, the following provisions will be amended as outlined in the Attachments 1 - 3:
As of the effective date, the full version of the amended documents will be available for download on the Eurex Clearing website www.eurex.com/ec-en under the following link:
Rules & Regs > Eurex Clearing Rules & Regulations
The amendments to the legal framework of Eurex Clearing AG published by this circular are deemed accepted by each affected contractual party of Eurex Clearing AG, unless the respective contractual party objects by written notice to Eurex Clearing AG prior to the relevant effective date(s) as stipulated in this circular. In case of an objection by the respective contractual party pursuant the preceding sentence, Eurex Clearing AG is entitled to terminate the respective contract (including a Clearing Agreement, if applicable). Instead of submitting an objection, the respective contractual party may submit in writing to Eurex Clearing AG comments to any amendments of the legal framework of Eurex Clearing AG within the first 10 Business Days after the publication of the amendments. Eurex Clearing AG shall assess whether these comments prevent the published amendments from becoming effective taking into account the interests of Eurex Clearing AG and all contractual parties.
Unless the context requires otherwise, terms used and not otherwise defined in this circular shall have the meaning ascribed to them in the Clearing Conditions or FCM Clearing Conditions of Eurex Clearing AG, as applicable.
Attachments:
Further information
Recipients: | All Clearing Members, Disclosed Direct Clients of Eurex Clearing AG and vendors, all FCM Clearing Members and other affected contractual parties | |
Target groups: | Middle + Back Office | |
Contact: | client.services@eurex.com | |
Web: | Rules & Regs > Eurex Clearing Rules & Regulations | |
Authorized by: | Jens Janka |